To define the dollar as a fixed weight of gold, and for other purposes.

This bill requires the Department of the Treasury to define the Federal Reserve note dollar in terms of a fixed weight of gold, based on that day's closing market price of gold. Federal Reserve Banks must exchange Federal Reserve notes with gold at this price. If a Federal Reserve Bank does not do this, Treasury must make any exchange and place a corresponding lien on the assets of that bank.

In addition, Treasury and the Board of Governors of the Federal Reserve must report on U.S. gold holdings.